The number of Australian residential property sale listings increased in most capital cities during the month of July 2016, excluding Hobart, where sale listings fell slightly.
National residential property listings rose during the month of July 2016 to 348,266, increasing 0.9% from June 2016.
The year on year results indicate that national sales listings are down 0.4% compared to this time last year (July 2015).
- Total online national residential listings rose during July 2016 from 345,058 to 348,266. This figure represents a monthly increase of 0.9% when compared to June 2016.
- Sydney recorded the largest monthly rise in stock levels, increasing by 3.0% during July 2016 to 25,577 properties.
- Sydney sale listings are now up 13.8 percentage points compared to this time last year (July 2015).
- Hobart recorded the biggest yearly decline, with listings falling by 9.9%, reducing the number of properties for sale to 3,397.
- Melbourne median asking prices have risen 15.5% for houses and 6.0% for units compared to this time last year.
The median asking price for a house in Darwin is $628,800, 6.6% lower than this time last year
Notably, Sydney recorded the largest increase for July with property listings climbing 3.0%.
Brisbane also recorded a 2.3% incline in listings for the month.
Sydney sale listings are now up 13.8 percentage points for the year, which SQM believes indicates a modest to moderate slow down has taken place in the market.
In contrast, Hobart property listings are down 9.9% from this time last year (July 2015).
Median Asking Prices
Year-on-year results reveal Melbourne median asking prices have risen 15.5% for houses and 6.0% for units compared to this time last year.
Brisbane has also experienced yearly changes, with median asking prices for houses climbing 6.2 percentage points.
Meanwhile, median asking prices for houses in both Darwin and Perth continue to fall.
According to SQM Research, the median asking price for a house in Darwin is $628,800; 6.6% lower than this time last year.
Listings and asking prices for the national residential property market still suggest a mixed picture with Melbourne and to a lesser extent Sydney, recording buoyant markets, while other cities recording a weaker market environment.
Going forward, the market is likely to rally further given the rate cut decision.
There is a possibility now that Melbourne dwelling prices could accelerate from an already heated rate of growth.
And if Sydney were to also accelerate I think we could see APRA stepping into the market once again as early as fourth quarter this year.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.